With $1tn a year needed, we analyse how best to fill the gap, from wealth taxes to levies on flying and oil extraction
created by the Brazilian artist Mundano made with ashes from forest fires and mud from floods. Keeping existing forests is essential to maintain the planet’s vital carbon sinks.
climate summit are under pressure to find ways to raise money to help poorer nations cut greenhouse gas emissions, shift to a low-carbon economy, and adapt to the impacts of extreme weather. The World Bank and other development institutions are supposed to help poor and vulnerable countries alleviate poverty, develop their economies and give their citizens access to basic services. Climate finance should be a major focus. But manyIf the World Bank were to reform its practices to help “de-risk” investments in poor countries, for instance by providing loan guarantees, that could unlock billions in finance from the private sector and public funds.
In fact, most of those who might flee have already gone, and there are ways of levying taxes – on assets, shares and property, for instance – that would make flight harder. But the influence of billionaires is proving hard even for progressive governments to counter.Money talks, and politicians listen.
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